Shares of Genedrive PLC (LON: GDR) have been stuck trading sideways since mid-June as investors patiently wait for updates regarding its Q2 earnings.
Many investors are waiting for a trading update from Genederive after companies such as Danaher, Beckman Coulter Life Sciences’ parent company, recently reported earnings.
Genedrive has a supply agreement with Beckman Coulter, which reported that revenues from its diagnostics division rose 41% to reach $2.31 billion compared to the $1.66 billion reported last year.
Danaher’s results left many wondering what percentage of their sales could be attributed to sales of Genedrive’s COVID-19 test kit within the United States.
Investors are also eagerly waiting to see how quickly Genedrive can complete the testing of its new COVID-19 Point of Care (PoC) device that can detect multiple variants of the coronavirus amid rising concerns over the effectiveness of the available COVID-19 vaccines.
However, investors might have to wait a bit longer for Genedirve to release its Q2 earnings results since the company has not indicated when it will release its Q2 report.
In the meantime, Genedrive shares are likely to remain under selling pressure until the Q2 results are released, which could be an excellent trade setup for aggressive traders.
However, traders should be aware that a negative earnings report could trigger a deeper selloff and use a stop-loss order to protect themselves from significant losses.
*This is not investment advice.
Genedrive share price.
Genedrive shares have been trading sideways since mid-June as investors wait for Q2 results.
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading